Fintech PR

New Amsterdam Invest N.V. results first six months 2023

Published

2 weeks ago

September 13, 2023

AMSTERDAM, Sept. 13, 2023 /PRNewswire/ — New Amsterdam Invest N.V. (the “Company”, or “New Amsterdam Invest”, or “NAI”), a commercial real estate company listed on Euronext Amsterdam, announces its non-audited results for the first six months ended 30 June 2023, today^[1]^.

Highlights 2023 Half Year^[2]

Approval of business combination with Somerset Park B.V. and start of operations as an operating company in the commercial real estate sector
Net Rental Income first half of 2023, effectively from 2 to 30 June 2023: €0.5 million (2022HY: €0.0)
Result from real estate operations 2 to 30 June 2023: €0.1 million
Net result first half of 2023: -€2.6 million mainly driven by one-off valuation differences (non-cash) and expenses to realize the business combination (2022HY: -€1.2 million)
Earnings per share first half of 2023: -€0.50 (2022HY: -€0.24)
Net increase in Cash position in first half of 2023: €5.8 million (2022HY: €0.1 million)
Total Assets per 30 June 2023 €76.5 million (2022YE: 48.9 million)
Solvency per 30 June 2023: 60.3% (2022YE: 99.5%)

Aren van Dam, CEO of New Amsterdam Invest commented: “It is with proud and confidence that we look back at the first six months of 2023 where we have laid a sound foundation for our Company and its business going forward. It was not easy to establish a business combination for commercial real estate in the past period. Nevertheless, we succeeded to start with an outstanding portfolio in the UK and US, expanding further already in the second month after the business combination clearly showing the strength of our proposition.

That being said, 2023 is a transitional year for New Amsterdam Invest. As a result of different regulatory requirement around the transition from SPAC to operational company we have to take significant non-cash one-off costs making 2023 overall loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing.”

Summary results for the first six months of 2023

The greater part of the first half of 2023 was devoted to management efforts to realize a business combination for the special purpose acquisition company (SPAC) New Amsterdam Invest. It turned out not to be easy to identify one or more operating companies in the real estate industry, which would meet most of the Company’s financial and quantitative parameters. On that basis, the Company decided to look for multiple operating companies that could be grouped together in a business combination meeting the required parameters and factors.

On 2 June 2023, the Company shareholders’ approved the incorporation of Somerset Park B.V. (“Somerset Park”) as a wholly-owned subsidiary of the Company with the intention to maintain a group of commercial investments under Somerset Park. Subsequently, the status of the Company as a SPAC ended (“de-SPAC”). Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry.

As a result, the Company operated for most of the first half year as a SPAC and only for the last four weeks in HY 2023 as an international operating company for commercial real estate. This implies that the results for the first half year are not characteristic for the Company’s regular operational results going forward. Showing a net income of €0.1 million the real estate operations over this period where profitable.

Build up result from real estate operations to result according to interim financial report ^[3] (* €1,000)	2023HY


Rental income	544
Direct related costs	(108)
Net Rental income	436
Operating expenses	(308)
Result from real estate operations (2 – 30 June)	128
SPAC operational costs	(310)
De-SPAC one-off costs	(2,849)
Operating result	(2,990)
Financial income	402
Result before tax	(2,588)
Taxation	(9)
Result for the period	(2,597)

The reported result for the first half year 2023 amounts to €2.6 million loss.

This result is mainly attributable to a number of mainly non-cash one-offs to realize the transition from SPAC to a group of operating companies in commercial real estate like €0.5 million on the required documentation (Circular) as well as a required revaluation under IFRS of investment property of €2.3 million. A positive contributor was €0.5 million in interest received on the Escrow account. The running costs prior to the Business Combination came at €0.3 million.

The results from group companies have been included and consolidated within The Company’s Accounts results for periods from 2 June 2023 to 30 June 2023.

Number of shares issued per 30 June 2023

In addition, the Company has issued a total of 4,910,250 Warrants (IPO and BC) that will automatically and mandatorily convert when the closing price of the Ordinary Shares on Euronext Amsterdam reaches the Share Price Hurdle being €11,50 per share, without any further action being required from the Warrant Holder. The Share Price Hurdle will be met when the share closing price for available shares on Euronext is at the target price for at least 15 out of 30 consecutive trading days. If the hurdle is reached the Warrants will be converted into Ordinary Shares corresponding with the Warrant Conversion Ratio of 0.15, or 6.67 Warrants per Ordinary Share.

Outlook

As a result of different regulatory requirement in connection with the transition from SPAC to operational company, one-off costs where required as a result of which 2023 overall is expected to be loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing. More specific we expect to realize a 2024 net rental income of approximately €6.6 million and a result before tax of
€2.6 million^[4].

Relevant events after 30 June 2023

As announced on 19 July, the Company purchased Forthstone, a unique commercial property located in Edinburgh, with a long-term lease agreement with its tenant. With this purchase, the Company will add a sixth property to its portfolio and in line with the Company’s business objectives and strategy for growth.

The owner of the property will be a newly incorporated operating company; Forthstone Land and Property Ltd, a 100% indirect subsidiary of New Amsterdam Invest N.V. The total consideration for Forthstone, including transaction costs, amounts to GBP 9.5 million and has been financed with a combination of equity (available in cash) and debt (LTV loan). The interest rate on the loan will be approximately 7%, or approximately GBP 308k per annum. The purchase is expected to complete by 29 September 2023.

Financial Calendar

13 September 2023, publication Half Year Results
8 April 2024 DV, Annual Report 2023
31 May 2024 DV, General Meeting of Shareholders

Financial statements New Amsterdam Invest first six months of 2023

For an overview of the interim financial statements of New Amsterdam Invest for the first six months of 2023 we refer to the attached Half Year Report 2023.

About New Amsterdam Invest

New Amsterdam Invest N.V. is a commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.

The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.

The management board of New Amsterdam Invest N.V. consists of Aren van Dam (member and CEO), Moshe van Dam (member and COO), Elisha Evers (member and CSO) and Cor Verkade (member responsible for investor relations).

All information about New Amsterdam Invest, including its principles and objectives can be found in the Shareholder Circular dated April 21, 2023, and the prospectus dated June 21, 2021. This and all other relevant documentation can be found on the company website: www.newamsterdaminvest.com

Disclaimer

Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.

This press release may include statements, including NAI’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.

^[1] This press release contains a summary of the 2023 Half Year results, for the full report see the attached Half year Report 2023

^[2] Until 2 June 2023 the Company operated as a SPAC and only per that date acquired its operating companies. As a result, it is the first time the Company presents consolidated figures, and the current figures cover only a very limited period and no comparative figures on operational items can be included

^[3] The table provides a distinction between ‘real estate related’ items and ‘SPAC related items’ for insight of underlying operational performance. The statements in the attached Half Year Report 2023 provide integral IFRS statements without this distinction

^[4] Excluding potential impact of revaluation of investment property

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Fintech PR

PTI Secures €1.2 Billion Multi-Jurisdiction Transaction

Published

2 hours ago

September 28, 2023

CISION (PR Newswire)

pti-secures-e1.2-billion-multi-jurisdiction-transaction

NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe.

The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses, (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.

“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.

“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.

Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.

Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.

About PTI

PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com

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Fintech PR

BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.

Published

9 hours ago

September 28, 2023

CISION (PR Newswire)

BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.

Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”

Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.

About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.

About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.

Media Contact:

BranchOut Food Inc.
Email: [email protected]

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Fintech PR

SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders

Published

10 hours ago

September 28, 2023

CISION (PR Newswire)

– Augments trader’s interactions and transforms decision-making capabilities

– Handles the full extent of structured to unstructured financial data

– Mitigates portfolio exposure risk and accelerates speed to market

LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.

Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly.

Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.

Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”

“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.

Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”

Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”

Akili-Ai will be showcased in the Innovators Pavilion at the FIA’s Futures and Options Expo on October 2-3, 2023 at the Sheraton Grand Chicago Riverwalk.

*Akili is the Swahili word for intelligence.

About SIGMA Financial AI:

We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.

Note to Editors: For more information about SIGMA Financial AI, please visit www.sigmafinancial.ai.

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